Tishman Speyer has acquired the Q207 mixed-use property in Germany’s capital from Allianz Real Estate for an undisclosed sum.

The asset manager said it has acquired the property at Friedrichstrasse 76-78 in Berlin – known locally as Galeries Lafayette – on behalf of its TSEV VIII value-added fund and co-investment partners.

The property offers 35,500sqm of leasable area providing an opportunity to develop office, retail and residential space.

The asset is located close to the Q205 property also owned by Tishman Speyer.

Florian Reiff, senior managing director overseeing Tishman Speyer’s German operations, said: “We’re truly delighted to add this exceptional property to our portfolio in Berlin, in such a prime location at the heart of one of the most dynamic commercial real estate markets in Europe.

“This is yet another fine example of our ‘from brown to green’ approach to transitioning properties to state-of-the-art levels of connectivity, customer experience and ESG credentials.”

Nils Skornicka, Tishman Speyer’s head of acquisitions for northern and central Europe said: “This transaction once again underlines our ability to source and execute off-market opportunities in a highly competitive environment such as Berlin.”

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